This week's market data is complicated, with many factors influencing prices, and investors need to act cautiously. The market generally expects Powell to possibly release dovish signals at the September interest rate meeting, but there is still uncertainty.

From the on-chain data of Bitcoin, the trading activity has slightly rebounded, but the extent is limited. It is noteworthy that most transactions are concentrated among investors with higher holding costs. This may reflect some investors' worries about the renewed tensions in Sino-U.S. trade relations, as well as the risk-averse sentiment regarding Powell's potential hardline stance.

Based on the comprehensive on-chain data of Bitcoin and the flow of ETF funds, the market's sentiment for chasing highs and cutting losses has clearly cooled. Buying pressure has weakened, but selling pressure is also gradually easing. The market currently seems to have returned to a state of low trading volume and low volatility.

In this case, investors generally adopt a wait-and-see attitude. The market is looking forward to whether Powell's speech can break the current deadlock and provide clearer guidance for future trends. In any case, in a highly uncertain environment, investors still need to remain vigilant and closely monitor market movements.